Washington Tells Wall Street...Have At It Hoss!!!

Cenk Uygur () discusses a recent New York Times article which discusses recent proposed banking legislation. Join the fight to get money out of politics at

WASHINGTON — Bank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations. Instead, the lobbyists are helping to write it themselves.

One bill that sailed through the House Financial Services Committee this month — over the objections of the Treasury Department — was essentially Citigroup's, according to e-mails reviewed by The New York Times. The bill would exempt broad swathes of trades from new regulation.

In a sign of Wall Street's resurgent influence in Washington, Citigroup's recommendations were reflected in more than 70 lines of the House committee's 85-line bill. Two crucial paragraphs, prepared by Citigroup in conjunction with other Wall Street banks, were copied nearly word for word. (Lawmakers changed two words to make them plural.)

Support The Young Turks by Subscribing

Like Us on Facebook:

Follow Us on Twitter

Support TYT for FREE by doing your Amazon shopping through this link (bookmark it!)

Buy TYT Merch

Support The Young Turks by becoming a member of TYT Nation at Your membership supports the day to day operations and is vital for our continued success and growth. In exchange, we provided members only bonuses! We tape a special Post Game show MonThurs and you get access to the entire live show at your convenience in video, audio and podcast formats.